Paytm's COO And President Bhavesh Gupta Steps Down Citing Personal Reasons

Paytm's COO and President, Bhavesh Gupta, resigned from his positions at the company on Saturday, citing personal reasons, according to a statement by the fintech company. The company's regulatory filing confirmed that Gupta's resignation had been accepted.

Gupta, who oversaw the payments and lending businesses, will be taking a career break due to personal reasons and transitioning to an advisory role, providing guidance for Paytm's growth initiatives until the end of the year, the statement said.

His resignation will be effective from the close of business hours on May 31, 2024. In his resignation letter to Paytm founder Vijay Shekhar Sharma, Gupta expressed his inability to continue as President and COO due to personal reasons and requested to be relieved accordingly.

The resignation comes shortly before Paytm is set to release its financial results for the March quarter of 2024. The company's financial performance for this quarter is expected to be impacted by restrictions imposed on its associate firm, Paytm Payments Bank Limited (PPBL).

In a change in leadership structure, Paytm has appointed Rakesh Singh as the chief executive officer of Paytm Money. Varun Sridhar, who previously led Paytm Money, has been appointed as the CEO of Paytm Services, responsible for the distribution of mutual funds and other wealth management products.